En su último semanal (aquí), Hussman expone muy bien el síndrome del "hot potato"...
"We've seen little during this period but the effect of a hot potato being
repeatedly passed from speculatively overvalued, overbought, overbullish market
conditions driven by massive central bank interventions, to credit strains and
emerging economic weakness nearly the instant those interventions are even
temporarily suspended. As a result, by turns we've seen the repeated emergence
of the same speculative "Aunt Minnies" that have historically accompanied major
and intermediate market peaks, followed by the emergence of credit strains,
economic pressures, and a flight to safe-havens. This
alternation is certainly not typical of market history. Nor is it typical of a
complete market cycle or business cycle. As unsatisfactory as it may be, the
market is presently in an extended game of hot potato which will be resolved by
the eventual removal of both conditions."By John P. Hussman, Ph.D.
President, Hussman Investment Trust
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